Volvo invests in Next Gear Ventures – an Israeli venture capital company specialising in smart mobility start ups
By Jim Gibbins - 1st September 2019
Sweden / Israel – Volvo Group Venture Capital AB (VGVC) of Gothenburg, Sweden (founded in 1997 and is the Volvo Group's corporate investment company) has invested an undisclosed sum in Next Gear Ventures of Tel Aviv, Israel – a venture capital fund sourcing start-ups for interaction with global transport industry companies.
Next Gear Ventures is an early stage venture capital fund focusing on Israeli mobility start-up companies. The fund is affiliated with the innovation centre DRIVE, where Volvo Group became a partner in 2018. Next Gear Ventures provides Volvo Group early access to start-ups in the vibrant Israeli mobility sector. Israel is perceived as developing into a major hub for innovation in this field and, according to Next Gear Ventures, has had 400 start-ups and USD4bn invested in smart mobility over the last three years.
